XRP launching on Coinbase Pro

Coinbase, one of the few exchanges still not offering XRP trading has announced the addition of XRP on Coinbase pro.

According to the announcement:

After 10am on February 25, 2019 we will begin accepting inbound transfers of XRP to Coinbase Pro. We will accept deposits for a minimum of 12 hours prior to enabling full trading. Please note that inbound transfers require the specification of an XRP destination tag.Once sufficient supply of XRP is established on the platform, trading on the XRP/USD, XRP/EUR, and XRP/BTC order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met. XRP trading will initially be accessible for Coinbase Pro users in the US (excluding NY), UK, supported European Union member nations, Canada, Singapore, and Australia. Additional jurisdictions may be added at a later date. Please also note that XRP is not yet available on Coinbase.com or via our mobile apps. We will make a separate announcement when that occurs.”

While no firm timeline for launching support on Coinbase’s retail platforms (coinbase.com, as well as its Android and iOS apps) was given, the exchange typically launches cryptocurrencies for its non-accredited users within a few weeks of launching support on Coinbase Pro, according to CoinDesk.

The Stages of the XRP Launch

“There will be four stages to the launch as outlined below. We will follow each of these stages independently for each new order book. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time, or suspend trading as per our Trading Rules.We will send tweets from our Coinbase Pro Twitter account as each order book moves through the following phases:

Transfer-only. Starting after 10am PT on Feb. 25, customers will be able to transfer XRP into their Coinbase Pro account. Customers will not yet be able to place orders and no orders will be filled on these order books. Order books will be in transfer-only mode for at least 12 hours.

Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute.

Limit-only. In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes.

Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders.”

Coinbase is one of the most well known exchanges in the world and the addition of XRP is certainly extremely positive. Moreover, with the addition of XRP on Coinbase, we can assume that the exchange has examined XRP and believes that it is not a security.